Celsius introduces wrapped Bitcoin on Polygon

By: Daniela Kirova
Daniela Kirova
Daniela has been writing translating cryptocurrency and investment content for more than 15 years. Her experience includes ghostwriting portions… read more.
on Apr 8, 2022
Updated: Apr 13, 2022
  • Tokens are wrapped so they can be used across blockchains, increasing their liquidity and interoperability
  • The wrapped Bitcoin, cxBTC, uses cutting-edge Chainlink Proof of Reserve architecture
  • In February, Celsius introduced wrapped Ethereum, Cardano, and Dogecoin

Celsius, a world-leading cryptocurrency lending and borrowing platform, will soon offer Bitcoin (BTC/USD) as a wrapped asset through its DeFi arm CelsiusX, Invezz learned from a press release.

Tokens are wrapped so they can be used across blockchains, which increases their liquidity and interoperability. The wrapped asset will be launched on the Polygon (MATIC/USD) network.

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Using cutting-edge Chainlink PoR

The wrapped Bitcoin, cxBTC, uses cutting-edge Chainlink (LINK/USD) Proof of Reserve architecture for accountability and transparency. All of the wrapped assets CelsiusX supports feature conversion to and from their native counterparts for free and in real time.

This is not the first such launch for Celsius. In February, the platform introduced wrapped assets for Ethereum (cxETH), Cardano (cxADA), and Dogecoin (cxDOGE), also on Polygon.

Celsius CEO Alex Mashinsky commented:

As we build a bridge between the worlds of CeFi and DeFi, there’s no plank more important than Bitcoin.

Carl Hua, Chief Architect for CelsiusX, added:

CelsiusX makes crypto assets interoperable so that retail customers and institutions can freely move their assets across blockchain ecosystems. We believe everyone should be able to use their assets on the blockchains of their choice. Amid the volatility in the global economy, Bitcoin stands squarely in the spotlight. cxBTC brings us closer to an interoperable, cross-chain world for the king of crypto – Bitcoin.

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